In some geographical areas, it is now required that the hydrocarbon vapors displaced when refilling a gasoline fuel tank be captured in an absorbent system, such as in a carbon canister. It is a primary object of this invention to provide a valve which will permit the rapid and unrestricted displacement of vapors from such a tank in a refueling operation. Further, it is desirable that such a valve prevent the subsequent entry of liquid fuel into the vapor collection system when the tank is full. It is also desirable to have a vent valve which allows air to enter the tank as fuel is consumed. Also, such a valve should prevent loss of liquid fuel from the fuel tank through the valve from splashing during driving, and it is, of course, highly desirable to have a valve which would prevent fuel leakage in the event the fuel tank is inverted accidentally or otherwise displaced.